RBI plans to set up advisory panel for screening of banking license applications: Media Reports

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RBI plans to set up advisory panel
The Reserve Bank of India (RBI) is soon likely to set up a committee of experts to facilitate screening of applications for new banking licenses, said the media reports.

The High Level Advisory Committee (HLAC) is not likely to have any of its members from the central bank, rather it will include experienced persons from banking and financial sector, the report added.

At present, RBI is screening the applicants' prima facie eligibility, subsequent to which the applications will be referred to the HLAC for scrutiny, the report specified.

Nevertheless, the final decision to issue an in-principle approval for setting up a bank will be taken by the RBI.

Some of the 26 companies that have applied for the banking license include Tata Sons, India Post and IFCI among others.

Dion Global Solutions Ltd.

Read more about: rbi, banking license applications
Story first published: Monday, August 12, 2013, 9:10 [IST]
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